Legacy acquirer DARAG Group has revealed plans to sell the Going Concern business from its Italian arm, DARAG Italia, to NOBIS Compagnia di Assicurazioni (NOBIS).
DARAG is looking to streamline its operations, and says the sale of this non-legacy business will help it to focus exclusively on providing better legacy solutions.
Following the transaction, all relevant policies, distribution agreements and personnel dedicated to the active portfolio in Italy will be transferred to NOBIS
DARAG intends to retain operations in Italy through the establishment of an Italian branch of its German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG.
The branch, comprised of a number of existing DARAG Italia staff, will manage the existing Italian book in run-off and potential future legacy portfolios in the region.
DARAG Italia was formed in 2016 following the group’s acquisition of ERGO Assicurazioni, and its portfolio mainly consists of motor risks such as motor third party liability, land vehicle hulls and marine third-party liability, and accident risks.
“The sale of our active Italian business is an illustration of our singular focus on legacy and our commitment to enhancing DARAG’s operational efficiency,” said Tom Booth, CEO of DARAG Group.
“As one of the leading legacy players, with a growing capital base, DARAG continues to expand its global footprint. DARAG will carry on providing a full suite of market leading legacy solutions to the Italian market through its local branch; part of its general strategy to offer bespoke localised solutions, backed with resident expertise,” Booth continued.
“NOBIS is a well-regarded and secured insurance provider in Italy. It has been a pleasure to work with their professional team and we are confident that our clients will continue to receive high-quality support and services.”